SL Green Announces Sale of 625 Madison Avenue
04 Dezember 2023 - 2:00PM
SL Green Realty Corp. (NYSE:SLG) Manhattan’s largest office
landlord, today announced that, together with its partners, it has
entered into a contract to sell the fee ownership interest in 625
Madison Avenue for a gross sale price of $632.5 million, or $1,123
per square foot, to a global real estate investor. In connection
with the sale, SL Green and its partners will originate a $234.5
million preferred equity investment in the property. Net proceeds
from the sale will be used by the Company for the repayment of
corporate debt.
“This deal, and our recent capitalization of 245 Park, reaffirm
that well-located office real estate in New York is still among the
most sought-after asset classes in the world,” said Brett
Herschenfeld, Executive Vice President, Retail and Opportunistic
Investments at SL Green. “Whether properties are upgraded
to state-of-the-art office or are converted into a multitude of
other uses that are in high demand, the appetite for Class-A office
properties in prime Manhattan locations remains strong and
growing.”
Located between 58th and 59th Street, 625 Madison Avenue is
currently a 17-story, 563,000-square-foot office building with
ground floor retail space. In close proximity to Central Park with
easy access to nine subway lines, the 625 Madison address combines
elegance, prestige and convenience.
SL Green acquired its interest in the property through a
previous mezzanine investment.
About SL Green Realty Corp.SL Green Realty
Corp., Manhattan’s largest office landlord, is a fully integrated
real estate investment trust, or REIT, that is focused primarily on
acquiring, managing and maximizing value of Manhattan commercial
properties. As of September 30, 2023, SL Green held interests in 59
buildings totaling 32.5 million square feet. This included
ownership interests in 28.8 million square feet of Manhattan
buildings and 2.8 million square feet securing debt and preferred
equity investments.
Forward Looking StatementThis press release
includes certain statements that may be deemed to be
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be
covered by the safe harbor provisions thereof. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that we
expect, believe or anticipate will or may occur in the future, are
forward-looking statements. Forward-looking statements are not
guarantees of future performance and actual results or developments
may differ materially, and we caution you not to place undue
reliance on such statements. Forward-looking statements are
generally identifiable by the use of the words “may,” “will,”
“should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,”
“project,” “continue,” or the negative of these words, or other
similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
statements made by us. Factors and risks to our business that could
cause actual results to differ from those contained in the
forward-looking statements include the risks and uncertainties
described in our filings with the Securities and Exchange
Commission. Except to the extent required by law, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information
or otherwise.
SLG – A&D
PRESS CONTACTslgreen@berlinrosen.com
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